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    Establishing Budgets: EPS Node

    Uploaded by

    Gerry Triaz
    This document discusses establishing and tracking budgets in a project management system. It provides instructions for creating budget estimates, recording budget changes, defining funding sources, assigning funding to projects, entering monthly spending amounts, and viewing budget summaries. Budgets can be tracked at the project, activity, and EPS node level, and variances between estimated and actual budgets are calculated.

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    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd

    Establishing Budgets: EPS Node

    Uploaded by

    Gerry Triaz
    42 views4 pages
    This document discusses establishing and tracking budgets in a project management system. It provides instructions for creating budget estimates, recording budget changes, defining funding sources, assigning funding to projects, entering monthly spending amounts, and viewing budget summaries. Budgets can be tracked at the project, activity, and EPS node level, and variances between estimated and actual budgets are calculated.

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    Managing Project

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    This document discusses establishing and tracking budgets in a project management system. It provides instructions for creating budget estimates, recording budget changes, defining funding sources, assigning funding to projects, entering monthly spending amounts, and viewing budget summaries. Budgets can be tracked at the project, activity, and EPS node level, and variances between estimated and actual budgets are calculated.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    42 views4 pages

    Establishing Budgets: EPS Node

    Uploaded by

    Gerry Triaz
    This document discusses establishing and tracking budgets in a project management system. It provides instructions for creating budget estimates, recording budget changes, defining funding sources, assigning funding to projects, entering monthly spending amounts, and viewing budget summaries. Budgets can be tracked at the project, activity, and EPS node level, and variances between estimated and actual budgets are calculated.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 4

    Establishing budgets Page 1 of 4

    Establishing budgets
    You can create budget estimates for each EPS node , project, or WBS level, and then refine them as
    needed.

    Use the Budget Log tab on the Projects window to enter the original budget—the total amount you
    require for the EPS node or project.

    The Budget Change Log helps you keep track of budget changes as they occur. The Current Budget
    (original budget plus approved budget changes) and Proposed Budget fields (original budget plus
    approved and pending budget amounts) incorporate these changes so you have up-to-date and accurate
    budget information for each project or EPS node.

    You can record monthly spending of budgeted funds, track the current and undistributed variance
    amounts, and roll up the monthly spending plan of each project to any level of the EPS .

    If your projects use funding to support budgets, you can also set up a dictionary containing any
    nonprofit, government-allocated, or other funding sources for easy assignment to projects or EPS nodes.

    Tracking and analyzing budgets


    The resource spreadsheet enables you to see an overall picture of unit and cost budget distributions, and
    the variance amounts resulting from current use versus original estimates at the activity level.

    For high-level budgeting information, display the Projects Window (choose Enterprise, Projects) and
    then select Original Budget and Current Variance as columns.

    You can also use the preformatted reports to track budget amounts at the project and activity level.

    Establish budgets
    1. Choose Enterprise, Projects, then select the EPS node/project for which you want to enter budgets.

    2. Display Project Details, then click the Budget Log tab.

    3. In the Original Budget field, type an estimate of the total amount you require for this project,
    including all funding contributions.

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    Establishing budgets Page 2 of 4

    Enter budget changes


    1. Choose Enterprise, Projects, then select the EPS node/project for which you want to enter budget
    changes.

    2. Display Project Details, then click the Budget Log tab.

    3. Click Add.

    4. In the Budget Change Log section, specify the date, amount, person responsible for the change,
    status (pending, approved, or not approved), and reason for the change.
    The Current Budget field is the sum of the original budget plus approved budget changes; the
    Proposed Budget contains the original budget plus approved and pending budget amounts.

    Define funding sources


    Follow these steps to set up a Funding Sources Dictionary containing any nonprofit, government-
    allocated, or other funding sources. You can assign funding sources to budgets as you develop projects.

    1. Choose Enterprise, Funding Sources.

    2. Select the funding source immediately above and at the same hierarchy level as the fund you want
    to add, then click Add.
    Use the hierarchical structure of the Funding Sources Dictionary to categorize and group similar
    funds, such as those affiliated with a particular agency.

    3. Type any additional information about the fund in the Funding Source Description section using
    HTML editing features, which include formatting text, inserting pictures, copying and pasting
    information from other document files, and adding hyperlinks.

    4. Click Close.

    Tips

     You can apply unlimited Funding assignments to each EPS and project level.

     To see a graphical display of your funding hierarchy, click the Display Options bar in the Funding
    Sources dialog box and choose Chart View.

    Assign funding sources

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    Establishing budgets Page 3 of 4

    Once you define funding sources, you can assign them to EPS nodes or projects as follows:

    1. Choose Enterprise, Projects, then select the EPS node/project to which you want to assign a
    funding source.

    2. Display Project Details, then click the Funding tab.

    3. Click Add.

    4. Select a funding source from the Funding Sources Dictionary.

    5. Click , then click .

    6. Type the amount of funding to be allocated to this project.

    7. Type a percentage or share of the total fund to be allocated to the selected element.

    You can assign the same funding source multiple times with varying amount and share
    contributions for different levels of the EPS. Both the amount and share values for the fund are
    user-defined. Funds do not roll up; you edit them per EPS level to allow for top-down planning.

    Tip

     In the Projects window you can include a column called Total Funding, which contains the sum of
    the funding for each project and EPS node.

    Enter monthly spending amounts


    1. Choose Enterprise, Projects, then select the EPS node/project for which you want to enter monthly
    spending amounts.

    2. Display Project Details, then click the Spending Plan tab.

    3. Type total expenditures for each month in the Spending Plan column.

    The Spending Plan Tally column shows any amounts previously recorded for lower-level project
    spending plans.

    The current variance is the difference between the monthly spending of the EPS node and its
    projects' tallies.

    You can type the benefit amount or profit portion of the monthly amounts; the benefit plan is also
    tallied.

    View budget and spending plan totals


    1. Choose Enterprise, Projects, then select the EPS node/project for which you want to view budget

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    Establishing budgets Page 4 of 4

    information.

    2. Display Project Details, then click the Budget Summary tab to view calculated budget data from
    the Budget Log and Spending Plan tabs.

    Compare budgets and variances


    1. Choose Enterprise, Projects, then click the Display Options bar and choose Columns, Customize.

    2. Select any budget-related columns you want to display in the Projects window.

    For example, select the Project ID, Project Name, Original Budget, and Current Variance columns
    to compare the original budget amounts assigned to the projects, and the current variance resulting
    from budget spending on those projects to date.

    Note

     When current spending differs from original budget estimates, a variance results. A variance
    amount shown in parentheses indicates a negative variance amount for the project.

    See Also: Tracking and analyzing budgets

    Print budget reports


    You can print preformatted reports or create new reports to track budget amounts at the project and
    activity level.

    1. Choose Tools, Reports, Reports.

    2. Select the report you want to run, such as expense reports EX-01 through EX-05, which contain
    budget information.

    3. Click Run Report.

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